‘Scrap ₹500 note’: Why Andhra CM Chandrababu Naidu wants ₹200 as highest denomination of Indian currency | Today’s news
Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday called for scrapping of high value currency notes in India. According to Naidu, the notes of ₹500 denomination should be hell and notes only ₹100 a ₹200 denominations should be maintained.
The Andhra CM also claimed to have made the same demand in his digital currency report to Prime Minister Narendra Modi, Chandrababu Naidu.
What did Chandrababu Naidu say
“I’ll keep talking about it. Notes.” ₹500, ₹1,000 and Rs. 2000 should be scrapped. Only notes from ₹100 a ₹200 should be retained,” he said.
Explaining the logic, the Telugu Desam Party (TDP) supremo said curbing high-value cash and promoting digital transactions can help fight corruption.
“If the technology is perfect, creating wealth and alleviating poverty is not difficult,” he said.
10th anniversary of demonetisation
Naidu’s comments came a day after the 10th anniversary of demonetisation announced by Prime Minister Modi, who in a late evening address to the nation announced that high value currency notes ₹500 a ₹1,000 would cease to be legal tender.
The government has outlined several objectives behind the decision, including flushing out black money, eliminating fake Indian currency notes, curbing terrorism and left-wing extremism financing, bringing the informal economy into the formal sector, expanding the tax base and employment, and promoting digital payments to make India a less cash economy, according to the finance ministry.
Opposition questions government over demonetisation
Congress general secretary in charge of communications Jairam Ramesh on Sunday criticized demonetisation and shared a media report which claimed that the move was a disaster in 2016 and a huge failure after 10 years.
In his post, Ramesh said, “Notebandi has devastated the economy. Votebandi is ruining politics. Both are PM’s contributions.”
On Monday, Shiv Sena (UBT) leader Aaditya Thackeray questioned the achievements of demonetisation and asked what the country has gained from the move after 10 years and whether its stated objectives have been met.
In a post on X, Thackeray pointed out the absence of advertisements or celebrations to mark a decade of demonetisation and asked if the government had any achievements to showcase.
“10 years and 1 day of demonetisation by bjp. A decade of decisions and no advertisements on hoardings, newspapers etc? No celebration of any achievements with this move? Or no achievements at all? What were the objectives, what did the country achieve from these set objectives?” he wrote
